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Europe Urged to Fix Crisis

G-20 warns European government that debt problems still threaten global growth.

By Meera Louis and Simon Kennedy, Bloomberg | Updated on April 20, 2012

Europe’s governments were told the onus for fixing their debt woes lies with them as the Group of 20 warned the two-year crisis still threatens global growth.

With finance chiefs from the G-20 meeting today in Washington, those from Canada and Australia joined the IMF and U.S. in pressing Europe to intensify efforts to quell the turmoil as it spreads to Spain. The G-20 cited “the situation in Europe” first in a list of drags on the world economy, according to a draft statement obtained by Bloomberg News.

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